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- 1.What best explains the “Rise of the West†that is, the economic, political andmilitary ascendancy of Western Europe and its offshoots (United States etc) inthe world economy after 1800? Discuss.2.“The Industrial Revolution that began around 1800 has been the biggest andfastest transformation of production in the entire history of the world.†Discuss.3.“The roots of both modern global economic prosperity and poverty (the soÂcalledGreat Divergence) are in the Industrial Revolution that began in the late 18thcentury.†Discuss.4.“The rise of the industrial economies based on technological progress and theIndustrial Revolution since 1800 is the central event of modern history. Nothingelse even comes close. This has affected the world in this period more than allother social and political changes taken together.†Discuss.5.Have the economic and…19. If production of specific goods exhibit the opportunity for economies of scale (Oil for example), then: A. the countries producing these goods gain from trade while other countries are worse off. B. the countries producing these goods lose from trade while other countries are better off. C. all countries gain from trade but those not producing the goods with economies of scale gain more. D. all countries gain from trade but those producing the goods with economies of scale gain more. Please give correct step by step answer with proper explanation of each option given within 40 50 minutes . Thank you2. Assume a Ricardian, constant-cost world. There are two countries, the United Kingdom and France. Each country can produce cameras and milk. The table below shows production per man-hour for each country. United France Kingdom Cameras Milk 1 2 The United Kingdom has a labor force of 1,000 workers, and France has a labor force of 500 workers. a) Use this information to graph production possibilities frontiers for both countries. Put cameras on the horizontal axis. b) Assuming that a world price is established at which both countries can gain from trade, show possible consumption frontiers for each country.
- 1. International economics refers to? 2. International economics is about how nations interact through? 3. What is the problem that will raise due to the economic interaction between several countries? 4. What are the two types of international economics? 5. Who sells what to whom has been a major interest in? 6. When imports are more than exports in value, it may be offset by net inflows of financial assets, this refer to which type of trade balance? 7. When imports are less than exports in value, it would not offset by net inflows of financial assets, this refer to which type of trade balance? 8.What is the risk that a domestic capital market would not face compared to international capital market?Consider the following Ricardian model with 2 countries and 2 goods. The table below provides information on the size of countries' labor force and their productivity in producing each good. India China 350 60 Labor Supply workers workers Juice 3 workers 7 workers Тea 2 workers 5 workers What country has absolute advantage in producing juice? Why? What country has comparative advantage in producing juice? Why? Edit View Insert Format Tools Table 12pt v Paragraph v B I U Av 2 ...Consider the following Ricardian model with 2 countries and 2 goods. The table below provides information on the size of countries' labor force and their productivity in producing each good. India China 60 Labor Supply 350 workers workers Juice 3 workers 7 workers Tea 2 workers 5 workers What is the pattern of trade? Explain What is the maximum free trade price of tea in terms of juice for free trade to be profitable? Explain. Edit View Insert Format Tools Table 12pt v Paragraph I U U Av 2v T?v
- In a world where the only goods are cell phones and cereal: Jennereelam can produce: 80m kilos of cereal, and 200k cell phones, while Jonathannadu can produce: 30m kilos of cereal, and 15k cell phones. Even though Jennereelam is a bigger economy and can produce more of each product than Jonathannadu, this guy named Ricardo insists that they will both benefit if they trade. What is Ricardo's argument called, and why does he make the claim?“The world’s a stage; each plays his part, and takes his share” – Dutch proverb. Briefly discuss what this proverb means to you in reference to Globalization. Outline and explain what factors have contributed to the growth of Globalization in recent decades and suggest why companies engage in International Business? Critical discuss the negative effects of Globalization and how these effects have affected your country? provide examples to justify your points for each section.a. Differentiate absolute advantage from comparative advantage. Explain how a country should specialize given analysis of their comparative advantage b.When countries specialize based on their comparative advantage and trade with each other, how does it lead to gains from trade for both countries (even if one country has an absolute advantage in both goods)?
- Suppose we extend the circular flow model to add imports and exports. Copy the circular flow diagram onto a sheet of paper and then add a foreign county as a third agent. Draw a rough sketch of the flows of imports, exports, and the payment for each on your diagram.What are the drawbacks to analyzing the global economy on a regional basis?29. Assume a Ricardian, constant-cost world. There are two countries, the United States and Canada. Each country can produce cameras and milk. The table below shows production per man-hour for each country. United Canada States Cameras 2 Milk 1 2 The United States has a labor force of 1,000 workers, and Canada has a labor force of 500 workers. a) Use this information to graph production possibilities frontiers for both countries. Put cam- eras on the horizontal axis. b) Assuming that a world price is established at which both countries can gain from trade, show possible consumption frontiers for each country.
